Canopy Growth acquires London skincare company This Works for $54 million
Wednesday, 22 May 2019 Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) announced Wednesday it is buying London-based skincare and wellness company This Works for 43 million pounds ($54 million) in cash. Founded in London, England in 2004, This Works offers a range of natural skincare and sleep solution products including deep sleep pillow spray, morning expert hyaluronic serum and skin-deep dry leg oil. This Works will be an integral part of Canopy Growth’s entry into the natural wellness industry and further bolsters the world's biggest cannabis company’s international presence. READ: Canopy Growth acquires German cannabinoid pharmaceutical company C3 This Works chief executive Anna Persaud will remain at the helm of the business once the deal has closed. "As a leading wellness brand and a pioneer in sleep beauty products, we are passionate about the opportunity CBD offers beauty consumers,” said Dr Persaud. “Canopy Growth will provide the expertise, research, scientific rigor and quality assurance that will allow This Works to drive the agenda in wellness beauty's ever-evolving market." In January this year, Canopy Growth announced Spectrum Biomedical UK, a joint venture between Canopy and Oxford-based research company Beckley Canopy Therapeutics to address the need for high-quality cannabis-based medicinal products in the UK. "We believe CBD has the potential to disrupt the cosmetic and sleep solution industries and have been working for years to build and establish the right entry point into this opportunity," said Canopy Growth CEO Bruce Linton. "As soon as we met with Dr Persaud and her team, we knew they were the right partner to embark with on this journey." Canopy is armed with a more than $4 billion balance sheet to snap up targets thanks to investment from Corona beer maker Constellation Brands Inc (NYSE:STZ). Contact Uttara Choudhury at [email protected] Follow her on Twitter: @UttaraProactive
Canopy Growth agreed to acquire British skincare company This Works for $54 million in cash on Wednesday, and following the acquisition, CEO Bruce Linton said Canopy will likely add a new, CBD-infused line of skincare products to the brand.
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